INSURANCE NEWS
Insured Losses From US Hurricanes Could Rise by 50% With Global Warming
Insured losses from U.S. hurricanes could rise by nearly 50% under a 2°C (3.6°F) global warming scenario, according to MS Amlin, the Lloyd’s global reinsurer. A peer-reviewed study published in the Journal of Catastrophe Risk and Resilience shows that climate …
Markets/Coverages: Liberty Specialty Launches Crypto Product for Financial Institutions
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, announced the launch of a dedicated product for financial institutions operating in the burgeoning cryptocurrency market. The product is designed for European crypto-asset service providers, particularly those compliant with the …
Heavy Rains and Flash Flooding Inundate Northeast Roads and Neighborhoods
Heavy rain swept across parts of the U.S. Northeast on Monday night, inundating sections of New York and New Jersey with flash flooding that stranded vehicles in roadways, closed subway lines and led to a declaration of a state of …
Lawyers Warn UK NDA Ban May Reduce Misconduct Settlement Payouts
A landmark ban on the use of non-disclosure agreements in workplace misconduct cases – a longstanding practice of financial firms – may make it harder for victims to win compensation and discourage some from speaking up, lawyers say. Under reforms …
Four People Killed in Small Plane Crash at London Southend Airport, Police Say
All four people aboard a small plane that crashed shortly after taking off from London Southend Airport are dead, police said Monday. Essex Police said work continued to formally identify the victims of Sunday’s crash. “At this stage, we believe …
AI Is Already Showing Signs of Slashing UK Job Openings
UK businesses are dialing back hiring for jobs that are likely to be affected by the rollout of artificial intelligence, a study found, suggesting the new technology is accentuating a slowdown in the nation’s labor market. Job vacancies have declined …
Air India CEO Says Probe Into Ahmedabad Crash Raises New Questions
A preliminary investigation into the crash of an Air India passenger jet last month that killed 260 people raises additional questions about the incident and the investigation is far from over, Air India’s CEO said in a memo on Monday. …
UK Farmers Face Increased Fire Risks as Dry Weather Persists
British farmers are facing increased fire risks to both their fields and harvesting machines, following a long spell of hot, dry weather. Incident reports from fire and rescue services over the weekend show blazes hitting hay bales in Cornwall, while …
Tropical Rainstorm to Bring Flooding to Florida Peninsula and Gulf Coast
A tropical rainstorm is expected to bring flooding to the Florida Peninsula on Tuesday before making its way across the Gulf Coast and into Louisiana later in the week. The Florida Peninsula, coastal Alabama and Mississippi and southeastern Louisiana could …
Texas Department of Insurance Issues Guidance for Insurers Following Deadly Floods
The Texas Department of Insurance shared a bulletin on flooding disaster guidance in light of the deadly floods in the Texas Hill Country. The bulletin lays out expectations for how insurers, agents, contractors, adjusters and HMOs should work with policyholders …
Geography and Driving Behavior Contribute to High Flood Death Rates in Texas
Even before the Central Texas floods that killed more than 100 people, the state was by far the leader in U.S. flood deaths due partly to geography that can funnel rainwater into deadly deluges, according to a study spanning decades. …
People Moves: WTW Appoints Lockner Strategic Client Advisor to AAIS; WTW Names Thibault ICT Director
WTW Appoints Lockner as Strategic Client Advisor to AAIS Team in North America Willis, a WTW business headquartered in London, appointed Cecelia Lockner as senior director, strategic client advisor within the North America alternative asset insurance solutions (AAIS) vertical. Lockner …